Stories | January 21, 2013

Savings are under pressure – how are we cutting back?

Pay packets are having to stretch even further for many people this year, a ING survey of 14,000 people found.

And people are changing their lifestyles to make ends meet while their savings are under pressure.

The second annual ING International Survey on Savings polled respondents in 14 countries on a wide range of topics about savings methods, goals and financial comfort level – and the types of spending they are cutting back on.

Less frequent haircuts?
The top area in the survey in which people are spending less is entertainment – such as going to the cinema, restaurants or sports events. The second most frequent is clothing and personal grooming, another discretionary spending area that is often non-essential and can be reduced without too much hardship.
Meanwhile, 31% have not cut their spending at all. This rises to a high of 51% in Germany and falls to 17% in Spain and Italy.

Among the findings are:

  • 53% of European consumers are cutting back on leisure and entertainment – so the cinema, dining out and sports events are being enjoyed less often
  • 46% are cutting back on clothing and personal grooming. The figure is higher for women (53%), Italians (62%) and parents (50%)
  • 23% are cutting back on mobile phones and internet
  • 19% are cutting back on transport costs, the fourth most popular category
  • 16% are cutting back on utility bills, such as gas, electricity and water

Click here to view the PDF.

eZonomics team
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This article is related to the ING International Survey:

Savings 2013

Savings 2013

January 15, 2013

Pay packets are having to stretch even further for many people this year, according to the ING International Survey on savings for 2013. The survey asked 14,000 people in 14 countries in Europe about a wide range of...